On a home you are planning to live in, you can take the monthly market rent of the other unit(s) in the house and subtract a 15% or 25% vacantcy factor depending on the mortgage program you are using. Then add that amount to your monthly income. If the unit is already occupied, use the current monthly rent they are paying and subtract the vacantcy factor.


Edward Angelino
Power Express Mortgage Bankers
3609 E. Tremont Ave
Bronx, NY 10465
718-904-0004 (Office)
718-904-0635 (Fax)
eangelino@powerexpressmortgage.com

Yes, the quick way to do this is to call the bank that holds your demand deposits and tell them what you have in mind. Ask them to generate a pre-approval for you. Have your rent roll data handy. They will let you know right away how they want you to proceed.

A crucial variable is whether you will be living in this multifamily home, or not. Investors are treated quite differently by lenders than homeowners are. This often surprises first-time investors! Even experienced investors run into surprises when they go for loans.

Another fast way to handle this is to speak to a mortgage broker. I know several who are especially adept at the unusual financing situation. If you send me an email, I'll send you their names and contact info.

Good luck, sound like a great plan!

Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell/text
kharby@rutenbergrealtyny.com
http://kharby.topproducerwebsite.com/home.asp
http://www.rutenbergrealtyny.com/agent_details.aspx?agentid=51888